Bayer AG (BAYRY) announced that it was divesting its Liberty herbicide and seed brands in order to appease South African regulators reviewing its proposed $66 billion merger with Monsanto (MON) .

The divestment was part of a $2.5 billion divestment required by South Africa's competition committee.

"Bayer will continue working with regulators globally with a view to receiving approval of the proposed transaction by the end of 2017," the company said.

Bayer and Monsanto have yet to request regulatory approval in Europe, and the merger is currently under review in the U.S.

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